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- Prepare a horizontal analysis of the following excerpt of an income statement. Eye Witness Security GmbH Income Statement 2012 2011 Net sales €540.400 €573.000 Cost of goods sold 130.300 165.800 Gross profit (loss) 410.100 407.200 Operating expenses 264.900 205.100 Net income (loss) €145.200 €202.100The comparative statements of Osborne Company are presented here: [{HtmlTableOSBORNE COMPANYIncome StatementsFor the Years Ended December 312014 2013Net sales $1,895,999 $1,755,959Cost of goods sold 1,063,999 1,011,459Gross profit 832,000 744,500Selling and administrative expenses 505,459 484,459Income from operations 326,541 260,041Other expenses and losses Interest expense 23,583 21,583Income before income taxes 302,958 238,458Income tax expense 93,583 74,583Net income $209,375 $163,875\\OSBORNE COMPANYBalance SheetsDecember 31Assets 2014 2013Current assets Cash $60,100 $64,200Debt investments (short-term) 74,000 50,000Accounts receivable 123,259 108,259Inventory 127,583 117,083Total current assets 384,942 339,542Plant assets (net) 663,905 535,205Total assets $1,048,847 $874,747Liabilities and Stockholders' Equity Current liabilities Accounts payable $165,459 $150,859Income taxes payable 45,083 43,583Total current liabilities 210,542 194,442Bonds payable 234,905 214,905Total…Use the following Income Statement and Balance Sheet Information for 2018 to answer the question below. This is a Retail Company. All numbers are in Millions. Income Statement Total Sales213.8 Cost of Sales151.3 Gross Profit213.8-151.3 Selling and Administrative Expenses22.3 Research and Development 7.7 Depreciation and Amortization4.5 Other Income2.4 EBIT213.8-151.3-22.3-7.7-4.5+2.4 Interest Expense5.8 Pretax Income213.8-151.3-22.3-7.7-4.5+2.4-5.8 Taxes( 213.8-151.3-22.3-7.7-4.5+2.4-5.8 )*0.30 Net Income( 213.8-151.3-22.3-7.7-4.5+2.4-5.8 )*0.70 Balance Sheet Assets Liabilities Cash65.8Accounts Payable43.3Accounts Receivable54.4Notes Payable/Short term debt1.6Inventories4.4 Total Current Assets65.8+54.4+4.4Total Current Liabilities43.3+1.6 Net property, plant and equipment103.4Long-term debt80.0Total long-term assets103.4Total long-term debt liabilities80.0 Total Liabilities43.3+1.6+80.0 Stockholders' Equity (Total Equity)65.8+ 54.4+4.4+103.4-43.3-1.6-80.0Total…
- "Keeper Corporation’s income statement for the year ended June 30, 2014, and its comparative balance sheets for June 30, 2014 and 2013 follow.Keeper CorporationIncome StatementFor the Year ended June 30, 2014Sales$234,000Cost of goods sold156,000Gross margin$78,000Operating expenses45,000Operating income$33,000Interest expense2,800Income before income taxes$30,200Income taxes expense12,300Net income$17,900Keeper CorporationComparative Balance SheetsJune 30, 2014 and 201320142013AssetsCash$69,900$12,500Accounts receivable (net)21,00026,000Inventory43,40048,400Prepaid expenses3,2002,600Furniture55,00060,000Accumulated depreciation—furniture(9,000)(5,000)Total assets$183,500$144,500Liabilities and Stockholders’ equityAccounts payable$13,000$14,000Income taxes payable1,2001,800Notes payable (long-term)37,00035,000Common stock, $10 par value115,00090,000Retained earnings17,3003,700Total liabilities and stockholders’ equity$183,500$144,500Keeper issued a $22,000 note payable for purchase of…How to compute this problem? Problem:The data shown below were obtained from the financial records of the BST Corporation for the year ended December 31, 2020. Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets…Comparative income statement for Deep Sea Company for 2016 and 2015 are given below: 2016 (in $) 2015 (in $) Revenue 1123420 876530 Cost of Goods Sold 635780 458790 Gross Profit 487640 417740 Selling and General Expenses 156870 110980 Operating Profit 330770 306760 Intrest Expense 45890 40980 Income Before tax 284880 265780 Income tax expense 97650 82340 Net profit 187230 183440 Answer the next set of questions based on the above data. 7A. The Net profit percerntage to revenue is ___________ . 25.15% 16.67% 12.15% 20.55% 7B. The Gross profit…
- Determine the missing elements of the Income Statement. Replace the letters with your answers.The partial income statements of five different companies are as follows: 12345 Net SalesAD250,000290,000400,000 Merchandise Inventory, 1/1/2020B50,00070,000J120,000 Net Cost of Purchases80,000EG160,000390,000 Goods Available for Sale110,000160,000HKM Merchandise Inventory, 1/1/202040,000F30,00070,000N Cost of Goods SoldC140,000230,000L380,000 Gross Profit50,00040,000I160,000OComparative income statement for Deep Sea Company for 2016 and 2015 are given below 2016 ( in $) 2015 ( in $) Revenue 1123420 876530 Cost of Goods Sold 635780 458790 Gross Profit 487640 417740 Selling and general Expense 156870 110980 Operating Profit 330770 306760 Interest Expense 45890 40980 Income Before Tax 284880 265780 Income Tax expenses 97650 82340 Net Profit 187230 183440 Prepare the common size income statement of Deep Sea Company for 2016 and 2015. Enter the numbers without decimals. Do not round off the numbers. Add % sign after the numbers.…Kincaid Company reported the following data (in millions) for the past two years:2019 2018$$$$$2801501304090$$$$$2501401103575Net revenues........................................Cost of goods sold...............................Gross profit..........................................Operating expenses..............................Operating income................................In a vertical analysis of 2019, the operating expenses percentage is closest toa. 225%.b. 69%.c. 14%.d. 32%.
- The comparative statements of Corbin Company are presented below. CORBIN COMPANYIncome StatementFor the Years Ended December 31 2017 2016 Net sales (all on account) $600,500 $520,200 Expenses Cost of goods sold 414,600 354,200 Selling and administrative 119,900 113,300 Interest expense 8,200 5,100 Income tax expense 17,100 14,700 Total expenses 559,800 487,300 Net income $ 40,700 $ 32,900 CORBIN COMPANYBalance SheetsDecember 31 Assets 2017 2016 Current assets Cash $ 21,100 $ 17,600 Short-term investments 17,100 15,200 Accounts receivable (net) 86,100 73,000 Inventory 89,400 70,100 Total current assets 213,700 175,900 Plant assets (net) 423,800 383,200 Total assets $637,500 $559,100 Liabilities and Stockholders’ Equity…A company shows the following data in their accounting records for 2014. Inventory 12/31/14 = $2,000,000 Inventory 1/1/14 = $1,800,000 Purchases = $20,000,000 Purchase Returns = $3,000,000 Freight – In = $40,000 Determine the amount the company recorded for Cost of Goods Sold in 2014. Show your work!Shelcal, Inc. provides the following data for the year2017: Sales revenue $420,000 Sales returns and allowances $1,400 Sales discounts $850 Net sales revenue $417,750 Cost of goods sold $260,000 The cost of goods sold as a percentage of net sales revenue is: a. 62.58% b. 61.90% c. 62.45% d. 62.24%
